Accountants are a key pillar to any organization. To state that an accountant is an internal staff in an organization is to state the obvious. Qualified accountants are often the only professionally qualified members of staff in many organizations. Whether the organization will progress, record profit, run at a loss or completely fold up may hinge on the accountant and his work. Being an accountant is very tasking, but individuals are excelling in the profession. Accountants have roles that they are expected to play to see to the success and progress of an organization. What are some of these roles?
Financial Management
In every organization the accounting structure plays a pivotal role to business operations. One of the primary roles of an accountant involves the collection and maintenance of financial data. As an accountant, you are to ensure that financial records are maintained in compliance with the law and accepted procedures and policies of the company. For a functional organization, its financial information are to be kept in confidentiality and protected, because there the crucial information used in operating and management of the organization are contained. As chief financial officer, you oversee all matters relating to the company’s finance, drafting reports that are only seen internally by company management, establishing monitoring, control, embedding sustainability, implementing strategy and maintaining financial data.
Ability to Analyze
As an accountant, part of your core responsibility is to create and analyze financial reports, as well as design and manage the financial systems. Being a versatile professional, you perform certain types of analysis using financial data that is used to assist in making business decisions. You review budget and expenditure and recommend the appropriate budget level. You make payment of bills to payroll, offer advice on business operations, and analyze revenue and expenditure trends. You dwell on financial commitments and future revenue expectations. Accountant also analyzes financial data, research and resolve discrepancies, reconcile bank statement and irregularities. You also involve in developing efficient resources and procedures, while providing strategic recommendations for specific financial problems or situations.
Financial Report
Accountants plan, organize and execute professional level accounting and work in connection with the maintenance of financial records and monitoring. They are also involved in the maintenance of financial records and other business operations. They prepare financial statements that may include monthly and annual accounts based on the financial information that is compiled and analyzed. They also participate in the development modification which is related to budgetary records, monthly and annual as well as end of year closing documents. They also take their time to prepare accurate quarterly and annual reports. The preparation of financial report will serve as a guide for further development and implementation of the organizational structure for financial management and perform related work.
External Affiliations
For an effective and swift operation, financial accountants often work with other financial professionals in the four fields of the industry, these are:
Public accountants, which include bookkeepers, consultants, tax advisors, auditors and forensic accountants, they are in charge of investigating and analyzing fraud or embezzlement.
Management accountants: They analyze financial data for companies, and are directly involved in the way companies plan, budget and maximize expenditures. Management accountants are often responsible for drafting reports that are only seen internally by company management.
Internal auditors: They are specifically absorbed by organizations to analyze the business activities of the organization. They offer advice to the organization on how best to perform, utilize the information and focus on detection of internal discrepancies, fraud and other criminal activities.
Government accountants: As the name implies, these are accountants who work for government agencies or businesses that are subject to governmental regulations and approval. Government accountants and auditors are financial police in many cases. Many work for the Internal Revenue Service.
Whether you work in a private or public firm, you can provide data to a public accountant, who acts as a consultant, auditor and tax service professional. Further you can be very useful to corporations, nonprofitable organizations, and governments because they need the service of management accountants. These accountants are sought after so they can help record and analyze financial information of the businesses in which they are employed.
Ultimately, Accountants usually advise CEOs, creditors, stockholders, regulatory agencies and tax personnel on how best they can keep track of their finances. Accountants may also work with government officials who are examining and maintaining the financial records of the private business for whom an accountant is employed, in connection with taxation and government regulations.
Are you currently considering a career in accounting? I am sure that this article has served as an eye opener for you as you ascend the corporate ladder of accountancy.
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